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To: John Hunt who wrote (23406)	11/25/1998 10:53:00 PM
From: John Hunt	Read Replies (1) \| Respond to of 116998

Imminent OPEC oil deal dwarfed by price crash biz.yahoo.com << OPEC oil producers on Wednesday agreed the essentials of a new pact that will merely extend standing supply curbs, failing to take new measures to lift oil prices from historical lows. ''That's it. We have reached an agreement. We will announce it tomorrow,'' Saudi Oil Minister Ali al-Naimi told Reuters. Naimi declined details but delegates to the talks said OPEC ministers on Thursday would sign off on a deal to prolong by six months, to the end of 1999, existing output limits put in place last June. ''There are one or two quibbles over wording of the communique,'' said one senior delegate. Ministers will meet at 0800 GMT on Thursday to finalize the text. Delegates who had seen a draft communique said the key clause to be thrashed out referred to a commitment to possible further action on output at OPEC's next meeting. Those talks will be brought forward by three months to March. >>